Peninsula Energy shares plunge on lower Lance production forecast
Peninsula also announced that CEO Wayne Heili will step down next year.
Fission Uranium of Kelowna, B.C., is advancing the Triple R deposit at its Patterson Lake South property to the feasibility stage. 28 geotechnical holes are to be drilled as part of the resource development phase of work, which is set to begin the first week of February.
Fission laid out its program: 13 holes will be drilled in the Ring Dyke and Cuff-Off wall. Three holes will examine rock mechanics and resource expansion. Four holes will be used for hydrological pumping and monitoring. The potential for acid drainage from waste rock will be studied. A search will be made for suitable aggregate and clay sources for surface infrastructure construction. Additional environmental data will be collected. And finally, community and stakeholder relations will be advanced.
Uranium mineralization of the Triple R deposit has been traced along a 3.18-km strike length below 55 to 100 metres of overburden. It remains open in several directions.
Fission president, COO and chief geologist Ross McElroy noted that the pre-feasibility report on Triple R is due by the end of March this year.
(This article originally appeared in the Canadian Mining Journal.)
